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Determinantes del Endeudamiento a Corto Plazo y Enlace de Vencimientos

Author

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  • Pedro Juan García Teruel

    (Universidad de Murcia. España.)

  • Pedro Martínez Solano

    (Universidad de Murcia. España.)

Abstract

Este trabajo analiza el efecto del trade-off rentabilidad-riesgo asociado a la deuda a corto plazo sobre las decisiones de financiación. Para ello, se ha utilizado un panel de empresas no financieras cotizadas en el mercado continuo español en el periodo 1995-2001 para controlar la heterogeneidad inobservable, y variables instrumentales para solucionar problemas de endogeneidad. Los resultados muestran que la solvencia financiera, las oportunidades de crecimiento, el tamaño y el nivel de endeudamiento son factores explicativos del uso de a deuda corto plazo. Además, se aprecia que las empresas más solventes y flexibles, financian los crecimientos del activo cíclico aumentando su deuda a corto plazo en mayor proporción.

Suggested Citation

  • Pedro Juan García Teruel & Pedro Martínez Solano, 2003. "Determinantes del Endeudamiento a Corto Plazo y Enlace de Vencimientos," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 2, pages 1-25, December.
    • Handle: RePEc:eac:articl:16/02
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